Investment Rating - The industry investment rating is "Outperform the Market" [52] Core Views - The report emphasizes the ongoing disruptions caused by the US-China tariff policies and suggests focusing on opportunities in non-US markets and import substitution [4][9] - The report highlights that the adjustment of tariffs is expected to impact the trade of pharmaceutical products between China and the US, while companies primarily exporting to markets outside the US will be less affected [4][9] Summary by Sections Tariff Policy Overview - Since April 2, 2025, the US government has imposed a 34% "reciprocal tariff" on Chinese goods, with frequent adjustments to tariff rates and exemptions for certain pharmaceutical products [4][5] - As of April 11, 2025, the tariff rates for bilateral trade between China and the US have been adjusted to 125%, with China indicating it will not respond to further tariff increases from the US [5] Opportunities in the Biopharmaceutical Sector - The report identifies potential for domestic products to increase market share in the blood products sector due to tariff impacts, particularly for albumin, where US imports are significant [9] - It suggests monitoring companies such as Palin Bio, Tiantan Bio, and Huashan Bio for potential growth in market share as import costs rise [9] Medical Devices - The report notes that the tariff policies and anti-dumping investigations are likely to accelerate the domestic substitution process in medical devices, particularly in electrophysiology and imaging fields [10] - Companies like Yirui Technology and United Imaging are highlighted as making progress in domestic production capabilities [10] Investment Strategies - The report recommends focusing on "innovation," "overseas expansion," "equipment upgrades," and "consumption recovery" as key investment themes [12] - Specific companies to watch include BeiGene, Mindray, and Xiamen Innovax for their innovative products and overseas market potential [12] Key Companies to Watch - Notable companies include: - **Nocera Biopharma**: Expected to achieve significant revenue growth with its core product, demonstrating strong cash flow and reduced losses [13][14] - **Sino Biopharmaceutical**: Rapid revenue growth with a focus on innovative products and a strong pipeline [18] - **Kexing Biopharma**: Stable domestic business with promising overseas expansion [18] - **Wuxi Biologics**: Recognized for its strong technical capabilities and expanding overseas operations [22] Market Performance - The report notes a decline in the pharmaceutical sector, with a 5.61% drop in the past week, while the overall market saw a smaller decline [31][42] - The biopharmaceutical sector is highlighted as having the smallest decline among sub-sectors, indicating relative resilience [44]

Investment Rating - The report maintains a "Hold" rating for the healthcare sector [8] Core Viewpoints - The pharmaceutical sector slightly underperformed the CSI 300 index, with a decline of 5.61% from April 7 to April 11, 2025, ranking 22nd among 31 sectors [3][13] - Year-to-date, the pharmaceutical index has decreased by 1.10%, outperforming the CSI 300 index by 3.59 percentage points, ranking 13th among 31 sectors [15] - As of April 11, 2025, the valuation of the pharmaceutical sector stands at 25.91 times (TTM overall method, excluding negative values), with a premium of 141.73% compared to the CSI 300 index [18] Summary by Sections 1. Market Performance Review - The pharmaceutical sector's performance from April 7 to April 11, 2025, shows a decline of 5.61%, underperforming the CSI 300 index by 2.74 percentage points [3][13] - The valuation level of the pharmaceutical sector is reported at 25.91 times, with a significant premium over the CSI 300 index [18] - Top-performing stocks include Yirui Technology (+20.54%), Yipinhong (+17.03%), and Yong'an Pharmaceutical (+13.93%) [19][20] 2. Important Policies and Events - On April 7, 2025, the Ministry of Commerce and the National Health Commission, along with 12 other departments, issued the "Special Action Plan for Promoting Healthy Consumption" to enhance the quality of health goods and services [5][22] 3. Important Company Announcements - Haizike reported a revenue of 3.721 billion yuan for 2024, a year-on-year increase of 10.92%, with a net profit of 395 million yuan, up 34.00% [23] - Kexing Pharmaceutical announced a revenue of 1.407 billion yuan for 2024, with a net profit of 31 million yuan, marking a return to profitability [23] 4. Industry Perspectives - The report discusses the impact of the ongoing trade war, noting that while pharmaceuticals were initially included in tariff discussions, they were later excluded from the "reciprocal tariffs" announced by the U.S. government [6][25] - The report highlights that increased tariffs on imports from the U.S. could benefit domestic substitutes in the blood products, high-end medical devices, and innovative drug sectors [6][26]

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2025-017 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | | 奕瑞电子科技集团股份有限公司 关于"奕瑞转债"预计满足转股价格修正条件的 提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意上海奕瑞光电子科技股份有限公司向 不特定对象发行可转债注册的批复》（证监许可[2022]2167 号）同意注册申请， 奕瑞电子科技集团股份有限公司（以下简称"公司"）向不特定对象共计发行 14,350,100 张可转换公司债券，每张面值为人民币 100 元，按面值发行。本次发 行可转债募集资金总额为人民币 143,501.00 万元；扣除发行费用（不含增值税） 人民币 1,369.65 万元后，募集资金净额为人民币 142,131.35 万元，上述资金已全 部到位，经立信会计师事务所（特殊普通合伙）审验并于 2022 年 10 月 28 日出 具了信 ...

Core Insights - Yirui Technology (688301) has seen a stock price increase of 7.68% this week, closing at 114.01 yuan as of March 28, 2025, with a market capitalization of 16.034 billion yuan [1] Trading Information Summary - Yirui Technology experienced frequent block trades this week, with notable transactions including: - On April 2, two block trades at a discount of 11.51%, totaling 7.1228 million yuan - On April 1, ten block trades at a discount of 11%, totaling 30.5938 million yuan - On March 31, one block trade amounting to 8.9673 million yuan [2][4] Shareholder Changes - Richard Aufrichtig, a director of Yirui Technology, reduced his holdings by 14,700 shares, representing 0.0103% of the company's total share capital. During this period, the company's stock price decreased by 1.72%, closing at 118.66 yuan on April 2 [2][4] Company Announcement Summary - Yirui Technology announced the results of its convertible bond conversion as of March 31, 2025: - A total of 13,274,000 yuan has been converted into company shares, amounting to 57,680 shares, which is 0.0567% of the total shares before conversion - The remaining convertible bonds amount to 1.421736 billion yuan, representing 99.075% of the total issuance - No new conversions occurred from January 1, 2025, to March 31, 2025 - The company issued 14,350,100 convertible bonds on October 24, 2022, with a total fundraising of 1.43501 billion yuan - The bonds have a six-year term, convertible starting April 28, 2023, at an initial conversion price of 499.89 yuan per share, adjusted to 162.64 yuan per share from December 3, 2024 - As of March 31, 2025, the total share capital of the company is 143,062,818 shares, all of which are freely tradable [3]

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2025-016 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | | 方式减持其所持有的公司股份合计不超过 14,700 股，减持比例不超过公司股份 总数的 0.01%。截止目前，上述减持计划实施完毕。 奕瑞电子科技集团股份有限公司 关于股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，奕瑞电子科技集团股份有限公司（以下简称"公司"、 "奕瑞科技"）股东上海常则管理咨询合伙企业（有限合伙）（以下简称"上海常则"）、 上海常锐管理咨询合伙企业（有限合伙）（以下简称"上海常锐"）分别持有公司 股份 8,521,738 股及 4,165,000 股（合计持有 12,686,738 股），占公司总股本分别 为 5.96%及 2.91%（合计占公司总股本的 8.87%）。上述股份为公司 IPO 前及上 市后权益分派资本公积转增股本 ...

未转股可转债情况：截止2025年3月31日，"奕瑞转债"尚未转股的可转债 金额为1,421,736,000元，占"奕瑞转债"发行总量的99.0750%； 本季度转股情况：自2025年1月1日起至2025年3月31日，"奕瑞转债"共有 人民币0元已转换为公司股票，转股数量为0股，占"奕瑞转债"转股前公司已发行 股份总额的0.0000%。 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意上海奕瑞光电子科技股份有限公司向 不特定对象发行可转债注册的批复》（证监许可[2022]2167 号）同意注册，公司 于 2022 年 10 月 24 日向不特定对象共计发行 14,350,100 张可转换公司债券，每 张面值为人民币 100 元，按面值发行。本次发行可转债募集资金总额为人民币 143,501.00 万元。本次发行的可转换公司债券期限为自发行之日起六年，即自 2022 年 10 月 24 日至 2028 年 10 月 23 日。 1 | 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2025-015 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞 ...

Summary of Conference Call on Union Medical and Yirui Technology Industry and Company Overview - **Industry**: Medical Imaging Equipment - **Companies**: Union Medical (联影医疗) and Yirui Technology (奕瑞科技) Key Points and Arguments Union Medical's Market Position and Performance - Union Medical has a comprehensive product line in the medical imaging equipment sector, including diagnostic, therapeutic devices, and life science instruments, leading the domestic market with over 120 products and a presence in over 13,700 medical institutions, including more than 1,000 top-tier hospitals [3][4] - The company achieved a compound annual growth rate (CAGR) of 41% in revenue from 2018 to 2023, but faces pressure in 2024 due to fluctuations in downstream demand, with expectations of recovery in 2025 [3][4] - Revenue structure shows that 89% comes from equipment sales, while maintenance and software services account for only 11%, indicating significant room for growth in recurring revenue compared to international leaders like Siemens, which has a 50% recurring revenue ratio [3][4] - Approximately 80% of sales revenue is generated from mainland China, with rapid growth in overseas markets, making international expansion a key growth driver [3][4] - The company maintains high gross and net profit margins, with a non-GAAP net profit margin of 15%, significantly higher than General Electric's margin of less than 10% [3][4] Management Team and Governance - The management team is experienced, with many executives having backgrounds in Siemens or GE, providing technical and industry expertise [5] - The actual controller, Xuan Ming, and the Shanghai State-owned Assets Supervision and Administration Commission are shareholders, positively influencing corporate governance [5] - The company has implemented a restricted stock incentive plan with a target of 20% CAGR in revenue, reflecting confidence in future growth [5] Competitive Landscape - The global medical imaging equipment market is highly concentrated, with Siemens, Union Medical, GE, and Philips holding over 75% of the MRI market share [7][8] - Union Medical's product line offers both breadth and depth, catering to various market segments from traditional X-ray to advanced MRI [9] Yirui Technology's Market Position - Yirui Technology is a leader in the X-ray detector market with a global market share of 20%, expanding into core components like tubes and high-voltage generators for future growth [3][20] - The company may face performance pressure in 2024 but has significant long-term potential due to increasing downstream medical and industrial demand and the trend of domestic substitution [3][20] Government Policies and Market Trends - The Ministry of Finance's draft on government procurement favors domestic products, potentially enhancing the development of domestic components and encouraging multinational companies to consider domestic suppliers [3][29] - The domestic medical equipment market is rapidly growing, with high-end equipment demand increasing, supported by relaxed policies for high-end medical equipment configuration [16] Future Outlook - Both Union Medical and Yirui Technology are positioned in high-barrier industries with clear competitive advantages, expected to perform well despite short-term demand fluctuations [41] - Anticipated recovery in 2025, particularly in the medical sector, with significant growth potential in overseas markets for Union Medical [19][41] Risks - Potential risks include lower-than-expected downstream demand, challenges in new business development, and litigation risks involving subsidiaries, although current legal outcomes are not expected to have a significant impact [40] This summary encapsulates the key insights from the conference call regarding Union Medical and Yirui Technology, highlighting their market positions, management strengths, competitive landscapes, and future growth prospects.

X 线核心部件龙头，创新打破国外垄断 奕瑞科技(688301) ——奕瑞科技首次覆盖报告 | all to 1 / / 00000 | | --- | [Table_Industry] 医药/必需消费 | | ——奕瑞科技首次覆盖报告 | [Table_Invest] | 首次覆盖 | | --- | --- | --- | --- | | [table_Authors] 丁丹(分析师) | 谈嘉程(分析师) | 评级 | 增持 | | 0755-23976735 | 021-38038429 | 目标价格 | 143.10 | | dingdan@gtjas.com | tanjiacheng@gtjas.com | | | | 登记编号 S0880514030001 | S0880523070004 | Table_CurPrice] [当前价格： | 114.66 | 本报告导读： 公司是 X 线影像设备核心部件国产龙头，探测器业务在下游需求复苏后有望重返快 速增长轨道，其他核心部件及解决方案有望贡献新增量。首次覆盖，给予增持评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | ...

Financial Performance - Total operating revenue for 2024 was CNY 1,862,174,181.28, a slight decrease of 0.09% compared to the previous year[4] - Net profit attributable to shareholders decreased by 17.61% to CNY 500,536,022.45, primarily due to a rise in new product revenue share leading to a decline in overall gross margin[6] - Basic earnings per share fell to CNY 3.51, down 17.61% from CNY 4.26 in the previous year[4] - Net profit excluding non-recurring gains and losses decreased by 19.16% to CNY 478,051,508.19[6] Assets and Capital - Total assets increased by 17.83% to CNY 8,850,667,747.56 compared to the beginning of the period[4] - Share capital grew by 40.27% to CNY 143,062,818.00 due to capital reserve conversion during the reporting period[6] - The net asset per share attributable to shareholders dropped by 23.06% to CNY 32.67[4] Profitability Metrics - The weighted average return on net assets decreased by 3.67 percentage points to 11.29%[4] - The company has increased its R&D investment, impacting profit margins[6] Reporting Integrity - There are no significant uncertainties affecting the accuracy of the earnings report[7]

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2025-013 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | | 奕瑞电子科技集团股份有限公司 关于完成公司名称等变更并换发营业执照的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 奕瑞电子科技集团股份有限公司（以下简称"公司"）分别于 2024 年 12 月 27 日、2025 年 1 月 14 日召开第三届董事会第十一次会议及 2025 年第一次临时 股东大会，审议通过了《关于变更公司名称、注册地址、注册资本及修订<公司 章程>的议案》，同意将公司中文名称"上海奕瑞光电子科技股份有限公司"变更 为"奕瑞电子科技集团股份有限公司"，英文名称由"iRay Technology Company Limited"变更为"iRay Group"，公司证券简称和证券代码保持不变；将公司注 册地址由"上海市浦东新区瑞庆路 590 号 9 幢 2 层 202 室"变更为"上海市浦东 新区环桥路 999 号"； ...